-LRB- CNN -RRB- -- Venezuela will give a 300-acre island in the Delaware River to the state of New Jersey , the governor 's office announced .

Venezuelan President Hugo Chavez used the Earth Day celebration to announce the transfer of Petty 's Island .

The Venezuelan-owned Citgo Petroleum Corp. had bought Petty 's Island -- between Camden , New Jersey , and Philadelphia , Pennsylvania -- to use as a fuel storage facility .

The island is home to a pair of American bald eagles as well as several great blue herons and state-endangered black-crowned night herons , New Jersey Gov. Jon S. Corzine said in a news release Wednesday .

Venezuelan leader Hugo Chavez announced the island 's transfer as part of Wednesday 's Earth Day celebrations . Plans are being finalized for the transition , which will not occur before 2020 , Corzine 's office said .

`` Earth Day is a fitting time to consummate the donation of this special place , '' Corzine said in the news release . `` Petty 's Island has become an important home to bald eagles , kestrels and a wide variety of waterfowl . We are opening a new chapter in the island 's long history by restoring it and giving it back to nature and the people of New Jersey . ''

The New Jersey Department of Environmental Protection must certify that Citgo 's cleanup of the island has met state standards before the title can be transferred , the news release said .

Citgo has agreed to create a $ 2 million fund to allow the Natural Lands Trust , a state land-preservation board , to manage the island , the release said . The company is setting up another $ 1 million fund to help establish a cultural and education center .

Activities on the island will be limited to hiking and bicycle riding , the governor 's office said .

The island is part of Pennsauken Township , New Jersey .

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Petty 's Island , a 300-acre island in Delaware River , will be given to New Jersey

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Venezuelan-owned Citgo Petroleum Corp. bought island for fuel storage facility

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Activities on island will be limited to hiking and bike riding , governor 's office says

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Venezuela announces gift as part of Earth Day celebration